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Doximity Announces Fiscal 2026 Third Quarter Financial Results
Total revenues of $185.1 million, up 10% year-over-year
Net income of $61.6 million, margin of 33%
Adjusted EBITDA of $111.4 million, margin of 60%

SAN FRANCISCO, Calif., February 5, 2026 -- Doximity, Inc. (NYSE: DOCS), the leading digital platform for U.S. medical professionals, today announced results of its fiscal 2026 third quarter ended December 31, 2025.
“We’re proud to deliver another quarter of strong profits and record engagement,” said Jeff Tangney, co-founder and CEO of Doximity. “Our newsfeed had more than 1 million quarterly active prescribers, our workflow products had 720,000 (a record QoQ jump), and our nascent AI products had over 300,000. In short, the addition of AI features across our platform has made us more useful than ever.”
Fiscal 2026 Third Quarter Financial Highlights
All comparisons, unless otherwise noted, are to the three months ended December 31, 2024.
•Revenue: Revenue of $185.1 million, versus $168.6 million, an increase of 10% year-over-year.
•Net income and non-GAAP net income: Net income of $61.6 million, versus $75.2 million, representing a margin of 33.3%, versus 44.6%. Non-GAAP net income of $91.1 million, versus $91.4 million, representing a margin of 49.3%, versus 54.2%.
•Adjusted EBITDA: Adjusted EBITDA of $111.4 million, versus $102.0 million, an increase of 9% year-over-year, representing adjusted EBITDA margins of 60.2%, versus 60.5%.
•Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.31, versus $0.37, while non-GAAP diluted net income per share was $0.46, versus $0.45.
•Operating cash flow and free cash flow: Operating cash flow of $60.9 million, versus $65.2 million, a decrease of 7% year-over-year, and free cash flow of $58.5 million, versus $63.4 million, a decrease of 8% year-over-year.
Financial Outlook
Doximity is providing guidance for its fiscal fourth quarter ending March 31, 2026 as follows:
•Revenue between $143 million and $144 million.
•Adjusted EBITDA between $63.5 million and $64.5 million.
Doximity is updating guidance for its fiscal year ending March 31, 2026 as follows:
•Revenue between $642.5 million and $643.5 million.
•Adjusted EBITDA between $355.5 million and $356.5 million.
Stock Repurchase Program
Doximity’s board of directors authorized another program to repurchase up to $500 million of the Company’s Class A common stock. The repurchase program has no expiration date and is subject to general business and market conditions and other investment opportunities, through open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans.

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Conference Call Information
Doximity posted prepared remarks on its investor relations website at https://investors.doximity.com. Doximity will host a webcast today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. To listen to a live audio webcast, please visit the Company’s Investor Relations page at https://investors.doximity.com. The archived webcast will be available on the Company’s Investor Relations page shortly after the call.
About Doximity
Founded in 2010, Doximity is the leading digital platform for U.S. medical professionals. The company's network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. With new AI-powered clinical reference and search capabilities, Doximity also helps doctors access trusted, peer-reviewed information and medical literature. Doximity's mission is to help doctors be more productive so they can provide better care for their patients.
Forward-Looking Statements
Statements we make in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and are making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors including (i) the timing and scope of anticipated stock repurchases; (ii) the impact of uncertainty in the current economic environment and macroeconomic uncertainty; (iii) our ability to retain existing members or add new members to our platform and maintain or grow their engagement with our platform; (iv) our ability to attract new customers or retain existing customers; (v) the impact of our prioritization of our members’ interests; (vi) breaches in our security measures or unauthorized access to members’ data; (vii) our ability to maintain or manage our growth, and other risks and factors that are beyond our control including, without limitation, those set forth in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2025 and as may be updated in any subsequent Quarterly Reports on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could cause actual results to differ materially from those contained in our forward-looking statements. The forward-looking statements made in this press release relate only to management’s beliefs and assumptions as of this date. We assume no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Investor Relations Contact:
Perry Gold
ir@doximity.com
Media Contact:
Amanda Cox
pr@doximity.com



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DOXIMITY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
December 31, 2025March 31, 2025
Assets
Current assets:
Cash and cash equivalents$64,838 $209,614 
Marketable securities670,288 706,050 
Accounts receivable, net 156,589 128,354 
Prepaid expenses and other current assets101,738 44,602 
Total current assets993,453 1,088,620 
Property and equipment, net17,055 13,656 
Deferred income tax assets14,842 60,014 
Operating lease right-of-use assets7,523 8,886 
Intangible assets, net37,266 23,072 
Goodwill84,973 67,940 
Other assets1,914 2,121 
Total assets$1,157,026 $1,264,309 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$4,785 $1,356 
Accrued expenses and other current liabilities76,677 38,405 
Deferred revenue, current66,307 114,285 
Operating lease liabilities, current2,079 2,211 
Total current liabilities149,848 156,257 
Deferred revenue, non-current174 280 
Operating lease liabilities, non-current8,613 10,185 
Contingent earn-out consideration liability, non-current— 5,579 
Other liabilities, non-current19,093 9,383 
Total liabilities177,728 181,684 
Stockholders' Equity
Preferred stock— — 
Common stock185 189 
Additional paid-in capital956,744 894,225 
Accumulated other comprehensive income1,396 1,323 
Retained earnings20,973 186,888 
Total stockholders’ equity
979,298 1,082,625 
Total liabilities and stockholders’ equity$1,157,026 $1,264,309 

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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Revenue$185,053 $168,603 $499,491 $432,111 
Cost of revenue(1)
18,701 14,181 50,919 41,407 
Gross profit166,352 154,422 448,572 390,704 
Operating expenses(1):
Research and development34,595 22,421 91,596 68,235 
Sales and marketing42,205 38,491 117,738 108,102 
General and administrative17,656 13,585 49,144 32,943 
Impairment charge— — — 2,304 
Total operating expenses94,456 74,497 258,478 211,584 
Income from operations71,896 79,925 190,094 179,120 
Other income, net8,902 9,915 27,790 26,060 
Income before income taxes80,798 89,840 217,884 205,180 
Provision for income taxes19,240 14,644 40,947 44,453 
Net income$61,558 $75,196 $176,937 $160,727 
Net income per share attributable to Class A and Class B common stockholders:
Basic$0.33 $0.40 $0.94 $0.86 
Diluted$0.31 $0.37 $0.88 $0.80 
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic187,478 187,161 187,721 186,344 
Diluted199,224 202,233 200,375 200,625 
(1) Costs and expenses include stock-based compensation expense as follows (in thousands):
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Cost of revenue$2,899 $2,818 $8,723 $8,373 
Research and development13,654 4,471 30,165 14,602 
Sales and marketing9,926 6,487 28,144 19,881 
General and administrative7,067 5,592 17,853 11,470 
Total stock-based compensation expense$33,546 $19,368 $84,885 $54,326 
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DOXIMITY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
Cash flows from operating activities
Net income$61,558 $75,196 $176,937 $160,727 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization3,989 2,655 10,252 7,830 
Deferred income taxes— 1,992 — 2,196 
Stock-based compensation, net of amounts capitalized33,546 19,368 84,885 54,326 
Non-cash lease expense459 441 1,363 1,392 
Accretion of discount on marketable securities, net(1,764)(3,368)(6,451)(8,736)
Amortization of deferred contract costs2,499 1,785 9,271 6,544 
Impairment of long-lived assets
— — — 2,304 
Other295 411 181 289 
Changes in operating assets and liabilities:
Accounts receivable(27,614)(12,986)(28,599)(36,464)
Prepaid expenses and other assets(12,828)1,303 (9,377)21,251 
Deferred contract costs(6,710)(5,853)(11,259)(9,069)
Accounts payable, accrued expenses and other liabilities41,855 9,418 39,522 3,872 
Deferred revenue(33,816)(24,628)(48,084)(30,085)
Operating lease liabilities(578)(545)(1,705)(1,599)
Net cash provided by operating activities60,891 65,189 216,936 174,778 
Cash flows from investing activities
Cash paid for acquisition, net of cash acquired— — (26,528)— 
Purchases of intangible assets
(62)— (62)— 
Internal-use software development costs(2,313)(1,771)(6,648)(5,018)
Purchases of marketable securities(112,922)(164,025)(381,122)(531,833)
Maturities of marketable securities143,136 99,308 413,167 517,221 
Sales of marketable securities10,386 7,564 10,386 14,805 
Net cash provided by (used in) investing activities38,225 (58,924)9,193 (4,825)
Cash flows from financing activities
Proceeds from issuance of common stock upon exercise of stock options and common stock warrants
2,221 3,662 7,017 13,905 
Proceeds from issuance of common stock in connection with the employee stock purchase plan— — 1,816 1,422 
Taxes paid related to net share settlement of equity awards(8,869)(8,107)(33,362)(16,329)
Repurchase of common stock(196,879)(19,307)(341,127)(93,505)
Payment of contingent consideration related to a business combination— — (5,249)(5,470)
Payment of excise taxes on share repurchases
— (1,491)— (1,491)
Net cash used in financing activities(203,527)(25,243)(370,905)(101,468)
Net increase (decrease) in cash and cash equivalents(104,411)(18,978)(144,776)68,485 
Cash and cash equivalents, beginning of period169,249 184,248 209,614 96,785 
Cash and cash equivalents, end of period
$64,838 $165,270 $64,838 $165,270 
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds
$1,675 $13,829 $21,022 $35,814 

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Non-GAAP Financial Measures
To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company uses the following non-GAAP measures of financial performance:
•Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP net income, non-GAAP net income margin, and non-GAAP basic and diluted net income per common share: We exclude the effect of acquisition and other related expenses, stock-based compensation expense, amortization of acquired intangible assets, impairment charge, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, and change in fair value of contingent earn-out consideration liability from non-GAAP gross profit, non-GAAP gross margin and non-GAAP operating income. Non-GAAP net income and non-GAAP net income margin are further adjusted for estimated income tax on such adjustments. We calculate income taxes on the adjustments by applying an estimated annual effective tax rate to the adjustments. Non-GAAP basic and diluted net income per common share is non-GAAP net income attributable to common stockholders divided by the weighted average number of shares. For both basic and diluted non-GAAP net income per share, the weighted average shares we use in computing non-GAAP net income per share is equal to our GAAP weighted average shares. Non-GAAP gross margin represents non-GAAP gross profit as a percentage of revenue and non-GAAP net income margin represents non-GAAP net income as a percentage of revenue.
•Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income before interest, income taxes, depreciation, and amortization, and as further adjusted for acquisition and other related expenses, stock-based compensation expense, impairment charge, legal fees associated with certain non-ordinary course legal matters including the shareholder class action litigation, change in fair value of contingent earn-out consideration liability, and other income, net. Net income margin represents net income as a percentage of revenue and adjusted EBITDA margin represents adjusted EBITDA as a percentage of revenue.
•Free cash flow: We calculate free cash flow as cash flow from operating activities less purchases of property and equipment, purchases of intangible assets, and internal-use software development costs.
We use these non-GAAP financial measures internally for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with our condensed consolidated financial statements prepared in accordance with GAAP. Our presentation of non-GAAP financial measures may not be comparable to similar measures used by other companies. We encourage investors to carefully consider our results under GAAP, as well as our supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand our business. Please see the tables included at the end of this release for the reconciliation of GAAP to non-GAAP results.
Key Business Metrics
•Net revenue retention rate: Net revenue retention rate is calculated by taking the trailing 12-month (“TTM”) subscription-based revenue from our customers that had revenue in the prior TTM period and dividing that by the total subscription-based revenue for the prior TTM period. For the purposes of this calculation, subscription revenue excludes subscriptions for individuals and small practices and other non-recurring items. Our net revenue retention rate compares our subscription revenue from the same set of customers across comparable periods, and reflects customer renewals, expansion, contraction, and churn. Our net revenue retention rate is directly tied to our revenue growth rate and thus fluctuates as that growth rate fluctuates.
•Customers with trailing 12-month subscription revenue greater than $500,000: The number of customers with TTM subscription revenue greater than $500,000 is a key indicator of the scale of our business, and is calculated by counting the number of customers that contributed more than $500,000 in subscription revenue in the TTM period. Our customer count is subject to adjustments for acquisitions, consolidations, spin-offs, and other market activity, and we present our total customer count for historical periods reflecting these adjustments.
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Reconciliation of GAAP to Non-GAAP Financial Measures
The following tables reconcile the specific items excluded from GAAP metrics in the calculation of non-GAAP metrics for the periods shown below:
Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
(unaudited)
(in thousands, except percentages)
Net income$61,558 $75,196 $176,937 $160,727 
Adjusted to exclude the following:
Acquisition and other related expenses— — 1,616 — 
Stock-based compensation33,546 19,368 84,885 54,326 
Depreciation and amortization3,989 2,655 10,252 7,830 
Provision for income taxes19,240 14,644 40,947 44,453 
Impairment charge
— — — 2,304 
Change in fair value of contingent earn-out consideration liability79 90 338 513 
Legal expenses
1,886 — 4,813 — 
Other income, net(8,902)(9,915)(27,790)(26,060)
Adjusted EBITDA$111,396 $102,038 $291,998 $244,093 
Revenue$185,053 $168,603 $499,491 $432,111 
Net income margin33.3 %44.6 %35.4 %37.2 %
Adjusted EBITDA margin60.2 %60.5 %58.5 %56.5 %

Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
(unaudited)
(in thousands)
Net cash provided by operating activities$60,891 $65,189 $216,936 $174,778 
Purchases of intangible assets
(62)— (62)— 
Internal-use software development costs(2,313)(1,771)(6,648)(5,018)
Free cash flow$58,516 $63,418 $210,226 $169,760 
Other cash flow components:
Net cash provided by (used in) investing activities$38,225 $(58,924)$9,193 $(4,825)
Net cash used in financing activities$(203,527)$(25,243)$(370,905)$(101,468)
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Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
(unaudited)
(in thousands, except per share data and percentages)
GAAP cost of revenue$18,701 $14,181 $50,919 $41,407 
Adjusted to exclude the following:
Stock-based compensation(2,899)(2,818)(8,723)(8,373)
Non-GAAP cost of revenue$15,802 $11,363 $42,196 $33,034 
GAAP gross profit$166,352 $154,422 $448,572 $390,704 
Adjusted to exclude the following:
Stock-based compensation2,899 2,818 8,723 8,373 
Non-GAAP gross profit$169,251 $157,240 $457,295 $399,077 
GAAP gross margin89.9 %91.6 %89.8 %90.4 %
Non-GAAP gross margin91.5 %93.3 %91.6 %92.4 %
GAAP research and development expense$34,595 $22,421 $91,596 $68,235 
Adjusted to exclude the following:
Stock-based compensation(13,654)(4,471)(30,165)(14,602)
Amortization of acquired intangibles(935)— (1,558)— 
Non-GAAP research and development expense$20,006 $17,950 $59,873 $53,633 
GAAP sales and marketing expense$42,205 $38,491 $117,738 $108,102 
Adjusted to exclude the following:
Stock-based compensation(9,926)(6,487)(28,144)(19,881)
Amortization of acquired intangibles(1,003)(1,061)(3,007)(3,183)
Change in fair value of contingent earn-out consideration liability(79)(90)(338)(513)
Non-GAAP sales and marketing expense$31,197 $30,853 $86,249 $84,525 
GAAP general and administrative expense$17,656 $13,585 $49,144 $32,943 
Adjusted to exclude the following:
Acquisition and other related expenses— — (1,616)— 
Stock-based compensation(7,067)(5,592)(17,853)(11,470)
Legal expenses
(1,886)— (4,813)— 
Non-GAAP general and administrative expense$8,703 $7,993 $24,862 $21,473 
GAAP operating expense$94,456 $74,497 $258,478 $211,584 
Adjusted to exclude the following:
Acquisition and other related expenses— — (1,616)— 
Stock-based compensation(30,647)(16,550)(76,162)(45,953)
Amortization of acquired intangibles(1,938)(1,061)(4,565)(3,183)
Change in fair value of contingent earn-out consideration liability(79)(90)(338)(513)
Legal expenses
(1,886)— (4,813)— 
Impairment charge
— — — (2,304)
Non-GAAP operating expense$59,906 $56,796 $170,984 $159,631 
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Three Months Ended December 31,Nine Months Ended December 31,
2025202420252024
(unaudited)
(in thousands, except per share data and percentages)
GAAP operating income$71,896 $79,925 $190,094 $179,120 
Adjusted to exclude the following:
Acquisition and other related expenses— — 1,616 — 
Stock-based compensation33,546 19,368 84,885 54,326 
Amortization of acquired intangibles1,938 1,061 4,565 3,183 
Change in fair value of contingent earn-out consideration liability79 90 338 513 
Legal expenses
1,886 — 4,813 — 
Impairment charge
— — — 2,304 
Non-GAAP operating income$109,345 $100,444 $286,311 $239,446 
GAAP net income$61,558 $75,196 $176,937 $160,727 
Adjusted to exclude the following:
Acquisition and other related expenses— — 1,616 — 
Stock-based compensation33,546 19,368 84,885 54,326 
Amortization of acquired intangibles1,938 1,061 4,565 3,183 
Change in fair value of contingent earn-out consideration liability79 90 338 513 
Legal expenses
1,886 — 4,813 — 
Impairment charge
— — — 2,304 
Income tax effect of non-GAAP adjustments (1)
(7,864)(4,309)(20,206)(12,668)
Non-GAAP net income$91,143 $91,406 $252,948 $208,385 
Non-GAAP net income margin49.3 %54.2 %50.6 %48.2 %
Weighted-average shares used in computing net income per share attributable to Class A and Class B common stockholders:
Basic187,478 187,161 187,721 186,344 
Diluted199,224 202,233 200,375 200,625 
Non-GAAP net income per share attributable to Class A and Class B stockholders:
Basic$0.49 $0.49 $1.35 $1.12 
Diluted$0.46 $0.45 $1.26 $1.04 
(1) For the three and nine months ended December 31, 2025 and 2024, management used an estimated annual effective non-GAAP tax rate of 21.0%.
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